In part one we discussed how important business insurance is for entrepreneurs in protecting their business from major setbacks. Today I want to focus on the coverages you should consider when comparing quotes.

There are various types of business insurance, and each type serves a different purpose. Some of the most common policies for entrepreneurs include:

  1. General Liability Insurance: Covers costs related to third-party bodily injury, property damage, and advertising injury.
  2. Professional Liability Insurance (Errors and Omissions): Protects against claims of negligence or mistakes in the services a business provides.
  3. Property Insurance: Covers physical assets, such as the office or store and its contents, against damage from events like fire, theft, or natural disasters.
  4. Workers' Compensation Insurance: Required in most states, this insurance covers medical expenses and lost wages for employees injured on the job.
  5. Business Interruption Insurance: Covers lost income and operating expenses if a business is temporarily unable to operate due to a covered event, such as a natural disaster.
  6. Cyber Liability Insurance: Increasingly essential for online and digital businesses, it protects against data breaches and other cyber threats.

Having an experienced commercial broker can assist you in determining which of these coverages' best suites your needs and create a customized policy catering to your specific needs.

Jenny Holly Hansen  LinkedIn

Tags: #Small Business Support #Insurance Solutions #Protect Your Business #Risk Management #Industry Insights #Jenny Holly Hansen

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